Financial Statements of a Manufacturing Firm

The following events took place for Technology Treasures Manufacturing Company during January, the first month of its operations as a producer of digital video monitors:

1. Purchased $52,600 of materials
2. Used $40,500 of direct materials in production.
3. Incurred $60,500 of direct labor wages.
4. Incurred $85,200 of factory overhead.
5. Transferred $141,500 of work in process to finished goods.
6. Sold goods for $253,000.
7. Sold goods with a cost of $112,600.
8. Incurred $64,700 of selling expenses.
9. Incurred $28,400 of administrative expense.

Using the information given, complete the following:

Question Content Area

a. Prepare the January income statement for Technology Treasures Manufacturing Company.

Technology Treasures Manufacturing Company Income Statement For the Month Ended January 31

Administrative expensesFinished goodsGross profitRevenuesSelling expenses		$- Select -
Administrative expensesCost of goods soldFinished goodsSelling expensesWork in process		- Select -
Administrative expensesGross profitGross lossNet incomeSelling expenses		$- Select -
Operating expenses:
Cost of goods soldFinished goodsMaterialsRevenuesSelling expenses	$- Select -
Administrative expensesCost of goods soldFinished goodsGross profitWork in process	- Select -
Total operating expenses		fill in the blank da9d4206607705d_11
Net incomeNet loss		$- Select -

Question Content Area

b. Determine the Materials Inventory, Work in Process Inventory, and Finished Goods Inventory balances at the end of the first month of operations.

Technology Treasures Manufacturing Company Inventory Balances For the Month Ended January 31

Inventory balances on January 31:
Materials	$fill in the blank e0c48001dff5020_1
Work in process	$fill in the blank e0c48001dff5020_2
Finished goods	$fill in the blank e0c48001dff5020_3